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Tiger Telematics Announces Sale of Floor Decor

August 21, 2002
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FORT LAUDERDALE, Fla.--(BUSINESS WIRE)--Aug. 20, 2002--Tiger Telematics, Inc. announced that it has completed the sale of the assets and liabilities of its flooring business segment that operated as Floor Decor.

Tiger Telematics, Inc. further announced that the company's CFO, Michael W. Carrender, has been appointed to the additional post of interim chief executive officer. This move will provide continuity while the company is completing a search for a new CEO who possesses the global experience and the relevant criteria required by the restructured company that is now totally focused on telematics. Michael Jonas is no longer President and CEO.

Carrender indicated, "With the sale of the unprofitable flooring business, where the liabilities exceeded assets, the company is strategically positioned to complete its business plan of growth in the fast growing telematics industry. It removes a cash drain at the same time as Tiger is using working capital to launch products. The company recently added four key executives with expertise in wireless communications, wireless business contracts, engineering and telematics operations to strengthen the management of its business to business unit based in London."

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